A dog of a mortgage REIT: Cerberus Mortgage Capital withdraws $150 million IPO

Cerberus Mortgage Capital, a mortgage REIT investing in Agency and non-Agency RMBS, withdrew its plans for an initial public offering on Friday.

Mortgage REITs have faced some resistance this year. Sutherland Asset Management (SLD) postponed its IPO in January and Great Ajax (AJX) trades below its offer price. Equity REIT's InfraREIT (HIFR; +17%) and Easterly Government Properties (DEA; +10%) have fared better.

The New York, NY-based company was formed in 2013 and planned to list on the NYSE. Cerberus Mortgage Capital initially filed confidentially on November 23, 2012. Citi, Deutsche Bank and Wells Fargo Securities were set to be the joint bookrunners on the deal.